The World Bank Group (WBG) intends to mobilise up to one billion dollars to support Ghana’s socio-economic development efforts under a new Country Partnership Framework (CPF) being developed by the bank.
Subject to the approval of WBG board at its forthcoming meeting, the partnership, which is to last for about four years, would require that the funds be used for projects in areas including energy, education, health and agriculture.
The WBG Regional Vice President for West and Central Africa, Ousmane Diagana, disclosed this at a press conference held in Accra on Monday as part of his three-day visit to Ghana.
“In the next couple of weeks, the World Bank will be presenting to its board a new CPF. One of the key goals of this strategy is to create conditions for a strong private sector growth, build resilience of population, economy and community, support reforms that would lead to job creation and secure the development path that Ghana is on,” he said.
The visit, his first time since his appointment in July 2020, is to afford him the opportunity to hold high-level discussions with government officials on critical areas of the bank’s programme in Ghana including macro-economic, energy sector issues, COVID-19 pandemic and vaccine.
The CPF is a central tool used to identify key objectives and development results through which the WBG intends to support a member country in its efforts to end extreme poverty and boost shared prosperity sustainably.
Aside from the CPF, Mr Diagana said the group also planned to help Ghana make development and economic opportunities inclusive to prevent a local version of insecurity in the Sahel, as well as support climate change efforts.
“There is insecurity in the sub-region. Ghana is not far away, it is important that we work together to ensure that the economic opportunity is beneficial to all, especially the youth who need to have access to the job market and decent jobs,” he said.
On the rating of the country’s economy by international agencies, Mr Diagana said the bank was not part of any rating agency and would, therefore, focus on its role of advising and supporting its member countries to address its development challenges.
He said it was important for countries to mobilise the needed financial resources locally and create the condition to rake in additional resources from outside to implement its agenda effectively.
He commended Ghana for managing its economy well given the circumstance created by the COVID-19 pandemic, and urged managers of the economy to work harder to sustain efforts.
“For many years we have supported Ghana in a number of sectors. Economic conditions have not always been the same, if you look at the current one, there is a cause to praise the government.
Our advice is that this accomplishment is sustained, it requires that they work with the government to find the challenges and sustain,” he said, pledging the continued support of the bank.
BY JONATHAN DONKOR
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